ROHSTOFF INTERNATIONAL

21:47 | 13.09.2017
Hyundai Ideal Electric Company Acquired by Affiliate of Gulf Electroquip Ltd.

Ideal Electric Company (“Ideal Electric” or The Company), formerly owned
by Hyundai Heavy Industries Co. Ltd. of South Korea, announced today
that the Mansfield, Ohio company has been wholly acquired by a privately
held affiliate of Gulf Electroquip Ltd. of Houston, Texas.

Ideal Electric is a globally established American manufacturer of
electric motors and generators, switchgear and control systems for all
applications including industrial, oil, gas and petrochemical, water and
infrastructure, pulp and paper, air handling, marine, mining, power
generation and renewable energy. The founding team, led by entrepreneurs
George Jackson, Jim Petersen, Jr. and Nicholas Phillips, is
headquartered in Houston, Texas.

Petersen, a 3rd generation family owned electric machinery manufacturer,
and President Gulf Electroquip, says, “As an electrical engineer myself
I’ve known of, and respected Ideal Electric’s market leadership in power
equipment and we are incredibly honored to have this opportunity to
renew and extend Ideal Electric’s service to hundreds of marquee
customers around the world. We are all looking forward to this new
venture in Ohio and to being a positive member of the community in
Mansfield as we roll up our sleeves and get back to work serving the
loyal customers of Ideal Electric.”

Under new ownership, many current Ideal Electric associates have
retained their positions, and additional, new associates are expected to
be hired as the organization ramps up. Customers of the former Hyundai
Ideal Electric Co. will be fully serviced and all warranties will be
honored, while orders for parts, service and new and replacement
machines will be accepted and fulfilled immediately.

“The industry has admired the Ideal Electric name and the robustness of
the products for more than a century,” said Nicholas Phillips, Founding
Team member. “We intend to fully support legacy products through a
renewed focus on service, parts and repair, while also expanding our
product offering with innovative technologies and new commercial
partnerships,” added Phillips.

The purchase of Ideal Electric returns the 114-year-old business to
private hands and allows for all options to be on the table in Richland
County as the Company is re-imaged in the globally competitive
marketplace.
Editor’s Note:Information for consumers regarding Ideal Electric Company is
available at www.idealelectric.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170913006412/en/


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